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Furniture tycoon detained over embezzling state assets

(Xinhua)
Updated: 2008-10-12 21:40

HARBIN -- Feng Yongming, a Chinese furniture tycoon and de facto controller of the listed Guangming Group Furniture Co. Ltd, has been detained for embezzling state assets in the company, a government official said on Sunday.

This undated file photo shows Feng Yongming, of President of China's Guangming Group Furniture Co. Ltd. [sina.com.cn]

The police of Yichun, Heilongjiang Province, detained Feng Yongming and his daughter Feng Lijia on September 26 and were investigating into the case, in which the two allegedly seized the Yichun city government's shares of the listed company by illegal means, said the government secretary general Bai Bo at a press conference.

The official did not give the value of the embezzled shares. However, the National Business Daily newspaper said the case involved 95 million yuan (US$13.9 million).

The father had allegedly breached the Criminal Law by breaking the promise to damage the interest of a listed company, falsely delivering the capital contributions, withdrawing the capital contributions and embezzling, while the daughter is suspected of embezzling, according to Bai.

Guangming Group Furniture Co. Ltd was listed in Shenzhen Stock Exchange in 1996. Its sales revenue and total profit ranked the first among Chinese furniture companies in the following year.